Instruction No. 2015-I-27 of December 17, 2015, regarding the ACPR authorization procedure for publishing a Single Solvency and Financial Condition Report (SFCR) at group level, as amended by Instruction No. 2024-I-11

PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY

Instruction No. 2015-I-27 dated December 17, 2015, regarding the procedure for authorization by the Prudential Control and Resolution Authority for the publication of a single report on solvency and financial position at the group level ("Single SFCR"), as amended by Instruction No. 2024-I-11 of October 21, 2024

The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code; Having regard to the Insurance Code, in particular Articles L. 356-25, R. 350-1, R. 356-59, and R. 356-60; Having regard to the Mutual Code;

Having regard to the Social Security Code;
Having regard to Directive 2009/138/EC of the European Parliament and of the Council on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), in particular Article 256; Having regard to Commission Delegated Regulation (EU) 2015/35 of October 10, 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking up and pursuit of the business of Insurance and Reinsurance (Solvency II), in particular Articles 365 to 371; Having regard to the opinion of the Consultative Committee on Prudential Affairs dated November 24, 2015; DECIDES

Article 1
The participating and parent companies mentioned respectively in the second and third paragraphs of Article L. 356-2 of the Insurance Code, which wish, in accordance with Article L. 356-25 of the same Code, to publish a single report on solvency and financial position ("Single SFCR") containing information at the group level and for any subsidiary of the group, shall submit a written application to the Prudential Control and Resolution Authority acting as the group supervisor, at least five months before the end of the financial year to which the Single SFCR relates. The Authority shall rule within the time limits provided for in Article R. 356-60 of the same Code. A file must accompany this written application.

Article 2
The application file mentioned in Article 1 must contain the following information:

• the coverage perimeter of the Single SFCR (list of insurance and reinsurance subsidiaries covered);
• justification that each insurance or reinsurance subsidiary is subject to sufficient treatment in the Single SFCR, with regard to the size, structure, and complexity of the risks of the subsidiary and the group as a whole;
• a description of the process for drawing up the Single SFCR, and in particular the involvement of the administrative, management, or supervisory bodies of the insurance and reinsurance subsidiaries (in particular the boards of directors or supervisory boards for French entities) in the preparation of the Single SFCR, as well as in its approval by the board of directors or supervisory board of the companies mentioned in Article 1;
• a description of the envisaged elements of content and structure of the Single SFCR, both for information relating to each of the subsidiaries, which must be individually identifiable in accordance with Article R. 356-59 of the Insurance Code, and for that relating to the group;
• a presentation of the translation arrangements provided for in accordance with Article 366 of Commission Delegated Regulation (EU) 2015/35 of October 10, 2014.

Article 3
The application and file mentioned in Article 1 must be sent to the Prudential Control and Resolution Authority acting as the group supervisor, electronically by depositing them at the following address: https://acpr-portail.banque-france.fr.

Article 4
This instruction shall enter into force on January 1, 2016.
Done in Paris, December 17, 2015

For the Insurance Sectoral Sub-College
The President,
[Bernard DELAS]